Hey there! Navigating the home-buying process can feel overwhelming, especially when you’re trying to figure out how to manage that hefty down payment. But don’t worry—if you’re looking to buy a home in Brownsville, Texas, there’s a fantastic program designed to help folks like you achieve homeownership more affordably.

What is the Homebuyer Assistance (HBA) Program?

The Homebuyer Assistance (HBA) Program is a down payment assistance initiative funded by the HOME Investment Partnerships Program (HOME). It is administered by the City of Brownsville in partnership with the Community Development Corporation of Brownsville (CDCB). This program provides financial aid to eligible first-time homebuyers to make homeownership more accessible.

Who is Eligible?

• Income Limits: Your household income must be at or below 80% of the Brownsville area median income. These limits are updated annually, so check the latest numbers.
• First-Time Homebuyer: You must not have owned a home in the last three years (exceptions apply for single parents or displaced homemakers).
• Property Location: The home must be a single-family residence located within Brownsville city limits.
• Mortgage Approval: You need a mortgage approval from a participating lender, with a minimum credit score of 600 and appropriate debt-to-income ratios.
• Personal Investment: You must contribute at least $1,000 towards the purchase and have one month’s mortgage payment in reserves.
• Homebuyer Education: Completion of a HUD-approved homebuyer education course is required.

Program Benefits

Qualified buyers can receive a no-interest, deferred loan of up to $25,000 to cover down payment, closing costs, and eligible pre-paid expenses.

Potential Drawbacks

• Deferred Loan: While interest-free, the loan must be repaid under certain conditions, such as selling or refinancing the home.
• Funding Availability: Assistance depends on available HOME funds, which may be limited.
• Property Requirements: The home must meet environmental and city inspection criteria.

How to Apply

1. Check Eligibility: Ensure you meet the program requirements.
2. Contact a Participating Lender: Secure a mortgage approval from a program-approved lender.
3. Complete the HBA Application: Work with your lender to submit the application.
4. Homebuyer Education: Complete a HUD-approved course.
5. Select a Home: Choose a qualifying property and pass required inspections.
6. Finalize the Purchase: Close on your home with assistance from the program.

Is This Program Right for You?

The Brownsville Homebuyer Assistance Program is a fantastic opportunity for first-time buyers who need help with upfront costs. If you meet the eligibility requirements and are ready to take the next step in homeownership, this program could make all the difference!

Additional Resources

• City of Brownsville Official Website
• Community Development Corporation of Brownsville (CDCB)
• HUD HOME Investment Partnerships Program

If you’re thinking about buying a home in Brownsville, don’t let the down payment hold you back. Check out this program and see if it’s the right fit for you!